these tax increases would generate about $85 billion in new net revenue. by comparison, the monthly budget deficit in october was $120 billion. the president says raise taxes would generate $85 before. the treasury is saying $85 billion doesn't close the gap to $120 obama, which i billion, whe current level of monthly deficits. and as we know, the federal government has run annual deficits in excess of $1 trillion for at least each of the last four years. leading to a $16 trillion national debt, roughly the size of our entire economy. these are dangerous waters that we're navigating. the president has argued that we need to raise tanches bu taxes,s not provided a prescription for closing the gap between what the federal government spends and when we take in, even with these tax increases. and he's proposed nothing, absolutely nothing, to deal with our unsustainable entitlement programs, so we can keep the promise we made to our seniors 24that when they qualify for medicare and social security, that those programs will exist and be there for them. i don't b